In light of all of the flack that Bank of America is receiving over its plan to implement a $5 per month fee for the "privilege" of using your own money to purchase things with your bank-issued debit card, the letter my son received this afternoon was highly enlightening.
Remember that BoA plans to implement this $5 monthly fee "early next year".
My son today received a letter from Sun Trust Bank stating that effective November 1, 2011, they will no longer offer free checking accounts. If you do not maintain a $500 balance at the end of each monthly cycle, they will charge a $7 fee. If you have Direct Deposit, that monthly service fee will not apply. In addition, they will also implement a policy where "You can make unlimited Check Card purchases for a $5.00 monthly fee"
The answer is simple people: Pull your money out of these banks entirely and put it in credit unions until such time as they stop treating us, their customers, as cash cows to be fleeced for the "privilege" of using our own money as we see fit! The banks created the debit card monster and now that they have us hooked on the convenience of using them, they want to cash in on it! Enough is enough!